With recent / past events I figured we could use a one stop place for our shop vendors to post this info.
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GT Forum Shop Vendors that carry insurance
- Thread starter Shelby#18
- Start date
Jason's Auto Spa
Well-known member
I carry a commercial garage keepers policy and additional coverage due to all of the driving and enclosed transport delivery of exotics that I personally do. I carry it on me at all times and regularly show it to those that ask, happy to do so, I actually think more people should ask for it when dealing with shops. Seeing from Bill's point of view, I can understand being smaller and not having any insurance but as I realized my business was growing I had to make sure all of my avenues were covered and I'm proud to say they are, anywhere I travel, at any time, for anyone's car that I'm working on.
We have a $1M Garage Keeper's policy. Even so, we refrain from driving customer's cars as much as possible and we NEVER performance-drive the cars. We do occasionally transport cars and even though the dyno we rent is about 15 miles away, we have always chosen to enclose-transport the cars to and from the dyno. Even while transporting there are risks. I will say that the insurance is relatively new and hopefully provides an added level of comfort for anyone choosing to entrust their cars with us.
shelbyelite
PERMANENTLY BANNED
- May 10, 2007
- 1
2112
Blue/white 06'
Guys;
I am not a shop owner but I have operated a small business for 20 years. In my opinion, 1 mil doesn't cut it any more. Jury awards commonly exceed this and that doesn't include legal fees.
Our cars are expensive but injuries make them pale in comparison. You don't want to risk everything you are to save a couple hundred bucks.
The difference between 1 mil and 5 or even 10 mil is almost always a relative drop in the bucket. For me, jumping to 5 mil only added 25% to an already reasonable policy premium.
Just my 2 cents.
I am not a shop owner but I have operated a small business for 20 years. In my opinion, 1 mil doesn't cut it any more. Jury awards commonly exceed this and that doesn't include legal fees.
Our cars are expensive but injuries make them pale in comparison. You don't want to risk everything you are to save a couple hundred bucks.
The difference between 1 mil and 5 or even 10 mil is almost always a relative drop in the bucket. For me, jumping to 5 mil only added 25% to an already reasonable policy premium.
Just my 2 cents.
shelbyelite
PERMANENTLY BANNED
- May 10, 2007
- 1
Not sure where you get a couple hundred bucks. The Garage Liability policy we have is rather expensive, and 5 mil more than doubles it. Between my inventory coverage and my Garage Liability policy, I pay near $40,000 a year in premiums.
2112
Blue/white 06'
Well what do I know then. For my general business liability umbrella it added about 500 bucks. Like I said, I am not a shop keeper so I guess I should have just kept my 2 cents in my pocket. :rolleyes
$40K is very expensive...
$40K is very expensive...
Kayvan
GT Owner
- Jul 13, 2006
- 4,782
A personal umbrella liability can be had for $100s more; attachment point is excess over 1, 3, 5 million
Keep limits on business, properties, cars, kids at lower, then umbrella at highest
If u are loaded, u should seriously consider excess liability at $25 million; I know Firemens Fund, Chubb, Chartis write it
If ur kids serves alcohol at party in college dorm, and kids die, they sue parents. WSJ had a story on it
Keep limits on business, properties, cars, kids at lower, then umbrella at highest
If u are loaded, u should seriously consider excess liability at $25 million; I know Firemens Fund, Chubb, Chartis write it
If ur kids serves alcohol at party in college dorm, and kids die, they sue parents. WSJ had a story on it
shelbyelite
PERMANENTLY BANNED
- May 10, 2007
- 1
Keep in mind a large part of that number is for the coverage of my inventory. I have Millions of dollars in inventory which is expensive to cover. Sucks paying that policy every year. Its the most expensive thing you will ever buy and PRAY that you will never use it or test its worth. Anything could happen to any one of us.
I was hit in a head on car wreck several years ago. It crushed my heal and broke my kneecap in half. The person that hit me only had the state minimum insurance coverage. They didnt even pay off my medical bills, much less my car that they totalled when they hit me. Luckily my UNDER-INSURED policy stepped in and saved the day. I am a believer.
RADGT
GT Owner
Still pales in comparison to my medical malpractice insurance which exceeds 82,000 for this year.
Stu
Stu
DGCA
*Supporting Vendor*
At Hennessey Performance we are carrying a $2m Garage Keepers Liability Policy due to the number of customers cars that we have in our shop at any given time. Shelby Smith is correct, it is very expensive but John and I wouldn't be in business without it.
Hennessey Performance
GT Owner
- Mar 15, 2006
- 767
It is good to see the companies that run real businesses with real insurance, etc. That shows a commitment to excellence and doing things right. Way to go guys.
Gentlemen,
During my 25 years as a GM dealer I was also a licensed insurance broker for all lines in Arizona and part owner of Trans City Insurance. Garage Keepers Insurance is not dirt cheap like your personal liability umbrella policy. My annual tab was over $100,000 and my total insurance bill was over $300,000 per year. We had over 100 cars a day coming into our shop and up to 300 cars in inventory so we had a ton of exposure. Even for a small shop this coverage can be quite expensive. Far more small shops don't have it than do.
Chip
During my 25 years as a GM dealer I was also a licensed insurance broker for all lines in Arizona and part owner of Trans City Insurance. Garage Keepers Insurance is not dirt cheap like your personal liability umbrella policy. My annual tab was over $100,000 and my total insurance bill was over $300,000 per year. We had over 100 cars a day coming into our shop and up to 300 cars in inventory so we had a ton of exposure. Even for a small shop this coverage can be quite expensive. Far more small shops don't have it than do.
Chip
timcantwell
Le Mans 2010 Sponsor * Moderator
Kip Ewing
CF Vendor
We carry insurance as a parts manufacturer, as well as for the cars in our care.
My insurance broker told me that he see higher incidents of vandalism during break-ins, rather than loss due to accident, theft, etc. This is another consideration.
My insurance broker told me that he see higher incidents of vandalism during break-ins, rather than loss due to accident, theft, etc. This is another consideration.
THamonGT
GT
As a retired Ford New car dealer, you can never have tooo much Ins. I still carry 5Mil. personal liability coverage. Garage Liability is very expensive anywhere but you NEED IT. Tomy PS I wouldn't run a business without it.
SYCO GT
GT Owner
Just last week I reviewed my under and uninsured policy limits for vehicles and raised them all. Keep in mind that in hard economic times, others often cut or reduce their coverage. I realized I was covering others for much more than I was covering myself.
Generally, I do my best to keep my deductibles high and my rates low, but I felt this was an area where some additional dollars spent would provide peace of mind. And obviously, it is something we hope to never have to use.